Italian auto maker Fiat announced today that it agreed the final stake in Chrysler from the United Auto Workers for $4.35 billion.

The deal over the remaining 41.46 percent of the company heads off a public stock offering of Chrysler shares. Fiat and Chrysler officials didn't want the IPO, but the UAW was forcing it to get out of its stake in the company.

It also means finally Fiat is 100 percent in control of Chrysler, having previously bought out the Canadian and U.S. governments in the complicated deal set up in 2009 when Chrysler was restructured in bankruptcy.

Chrysler is the largest employer in Boone and Winnebago counties with about 4,500 workers at its plant in Belvidere where the Dodge Dart, Jeep Compass and Jeep Patriot are assembled.

Fiat and Chrysler now can be combined into one company and Sergio Marchionne, CEO, has not publicly announced if it will be headquartered in Italy or Detroit.

The deal is expected to close by January 20. Fiat will pay the UAW's retirement trust members $1.9 billion in a special distribution and the trust another $1.75 billion in cash. Fiat will then make four $175 million payments to the trust over the next year.